A corporate lawyer is a law professional with specialized knowledge and training in corporate law. Corporate law relates to all legal issues and procedures associated with owning, forming, managing or operating companies.
Corporate lawyers work for a corporate entity, company or organization. They represent it through various legal platforms and handle all corporate legal matters. They are responsible for advising companies or organizations about their legal rights and liabilities and providing legal protection for them.
Corporate lawyers work and make decisions for the company’s benefit and ensure that all the company’s actions adhere to the relevant prevailing laws and regulations of the company, government, country and international legal bodies. Corporate lawyers may be a part of a legal firm working for one or more corporate entities or as an employee of a corporation. The latter are also referred to as in-house counsel.
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Corporate Lawyer Versus Commercial Lawyer
The two aspects of business law, corporate and commercial law, govern different aspects of a company’s operations and are closely related.
The area of law that governs high-level corporate regulations, structuring, financing, and management is known as corporate law or company law, and lawyers with expertise in this area are corporate lawyers. Corporate lawyers are relevant at every point for large and small companies and deal with corporate governance, corporate finance, incorporation, mergers, demergers, acquisitions, liquidation, restructuring and shareholder rights. Corporate lawyers need good jurisdictional legal knowledge and an awareness of relevant commercial law. They must also be aware of current and upcoming compliance and regulatory developments.
The other important sector of law that is relevant to the day-to-day smooth running of all business operations is commercial law, and its domain includes commercial transactions, business deals and trade. Commercial lawyers are involved in all these aspects of the business and negotiate deals and agreements, draft documents, protect liabilities, secure brands and more. A commercial lawyer needs broader knowledge of several different areas of law, such as consumer law, labor law, contract law, intellectual property law and international trade law.
Duties Of A Corporate Lawyer
A corporate lawyer may be employed by a law firm or a government agency handling many clients or for one client as in-house counsel for a company. Regardless of their employer, their duties, roles or functions are the same. An in-house corporate lawyer will work full-time for one company, whereas one working for a law firm will support many organizations and meet with clients through scheduled meetings. To become a corporate lawyer, one typically needs a Juris Doctor degree, which can now be earned online through accredited institutions such as Cleveland State University. With a Juris Doctorate degree online, aspiring lawyers can gain the legal knowledge and skills necessary to succeed in corporate law and other legal professions.
A corporate lawyer performs many roles and functions. A company or corporation is a complex organization that must complete multiple activities to conduct its business, including, but not limited to, legal and financial endeavors, knowledge applications, services, manufacturing, marketing, devices, multi-relationships and more. The corporate lawyer must ensure all these activities are within the prevailing legal framework and adequately managed and serviced. Here are some of the essential duties and functions of a corporate lawyer:
Advising
One of the primary responsibilities of a corporate lawyer is to perform an advisory role and to provide proper legally backed advice or guidance to the business leadership and executive management.
The company’s executive leaders may seek the legal advice of a corporate lawyer before deciding on matters affecting the business. For example, corporate lawyers must be consulted regarding the enactment of a new law that would affect business operations, sales, viability or profits. The corporate lawyer advises on the legal implications of the new law on the company’s operations, employment policies and business reputation.
Corporate lawyers also advise on contracts and agreement documents regarding their legal implications and ramifications to the corporation’s leadership and executive officers before the company consents to such documents.
Review And Evaluation
Reviewing and evaluating all contacts, business deals, agreements and negotiations and giving recommendations to the executive officers is another primary responsibility of corporate lawyers. These kinds of corporate activities require a corporate lawyer to review the legal documents involved in business deals and laws covering the legal aspects.
Drafting
Another primary responsibility of a corporate lawyer is to draft, write and negotiate contracts and agreements for their clients. Drafting or preparing new management policies and memoranda that set forth the business policies for employees and ensuring the company adheres to the government’s laws, policies and regulations is another function of the corporate lawyer.
Corporate Governance
A corporate lawyer may also provide legal guidance on corporate governance-related matters of a business. They should review and evaluate the articles of incorporation, constitution and bylaws of the business.
The corporate lawyer should ensure that the business’ legal documents comply with the government’s statutory requirements. Corporate lawyers may also help clients develop legal frameworks for managing their business and its operations by creating bylaws and management policies and providing legal guidance to company executives.
Regulatory Compliance
Another essential duty of a corporate lawyer is to ensure that the business complies with the specific regulatory provisions required for the area of business. Depending upon the business, regulatory provisions may require licensing, periodic inspection or compliance with standards, environmental laws and certification.
Interpretation Of Rules And Orders Made By Courts And Governments
A corporate lawyer also performs the duty of a legal expert for the business and is required to interpret court and government rulings and orders. They must give their opinion on the possible impact that these may have on business interests and operations.
Other Responsibilities Of A Corporate Lawyer Often Include:
- Preparing legal documents for restructuring, mergers, acquisitions or sale of companies.
- Listing the company on the stock markets, managing securities, prevention of insider trading, market manipulation and fraud.
- Handling employment law issues.
- Collaborating on strategic legal decisions.
Conclusion
A corporate lawyer performs multiple functions and duties for a client. The duties and functions of a corporate lawyer are to review and evaluate legal documents, provide advisory support, interpret rulings and provide corporate housekeeping. Corporate lawyers also work to provide corporate governance, ensure regulatory compliance and manage due diligence.